Supplemental Insurance

Insurance is designed to provide the policyholder with safety nets against potential problems. People purchase insurance so that they may be protected in case something goes wrong. A person will purchase life insurance so that if they die early their heirs will still have a source of income. Someone may purchase disability insurance to make sure they will have an income even if they are too disabled to work.

This form of insurance is known as primary insurance. Primary insurance is designed to help people provide for their basic needs such as health care and enough income to cover their basic needs. However, this type of insurance may not always meet someone’s needs adequately. In that case, many people choose to purchase supplemental insurance.

Supplemental insurance is insurance that is designed to cover any gaps in an existing insurance policy. For example, someone may have health insurance already. However, that insurance policy may not cover all their needs. It may not cover prescription medications, long term hospital stays or all doctor’s visits. In that case, the person may choose to purchase an additional insurance policy.

The additional insurance policy is designed to help meet any fiscal gaps in someone’s insurance coverage. This can mean coverage for prescription drugs. It may mean a provision of money for a long term hospital stay.

In many cases, this type of insurance is offered to the buyer in conjunction with their existing policy. For a small fee, the buyer is given the option of purchasing another insurance policy as well. In many instances, buyers can purchase the policy from the same company that offers their primary policy. This can be a highly effective way to purchase a complete insurance package that will meet all their fiscal needs.

In other instances, the buyer may discover a gap in their coverage after they have purchased the insurance policy. In that case, the buyer may seek out specific insurance tailored to their needs from an insurance company. Many people prefer to have policies that meet all their insurance needs at the same time.